Thalassa Update

Please accept our apologies for our delay in updating the Thalassa Blog. As a result of the economic downturn our UK office has had to make certain adjustments in line with current market conditions. This has resulted in staff changes to our Savills/Erna low office in the UK and Kensington Development in North Cyprus.

From now on we hope to get back on track with updating the blog on a regular basis.

Savills is confident in continuing its association with the kensington development group and still views Thalassa as one of the best investment opportunities on the market. As a country North Cyprus is well placed to weather the current financial problems. Historically the property market relies solely on cash, mortgages are very hard to obtain, so the majority of properties are owned outright. The banks in Northern Cyprus offer interest rates of up to 16% so they are in a strong position holding large sums of money for locals and expats alike with low commitments to lending. North Cyprus has managed to survive 34 years with very little assistance from other countries, so is actually in probably the best position to maintain a stable housing market.



Prices there are lower than most of the Mediterranean and are unlikely to change due to a number of reasons. We are seeing an increase in customers who have cash wanting to invest in property as oppose to risking any further losses from market downturns. The current talks between the two sides of Cyprus are also influencing the market. Property prices in the south are up to three times more expensive than the North predominately due to the embargo’s the TRNC are subjected to. Whatever the outcome it is highly likely that these will be lifted as the European Union are putting pressure on Greece and Cyprus to allow this.



Turning to The Kensington development group, they are an extremely well funded international company with many completed projects under their belt. The Thalassa development is primarily funded by Israeli investors without Bank loans or Guarantees. Because of this they have been and are still able to offer very attractive payment terms including developer loans of 10 years proving they are in a position to complete the project without the luxury of receiving full payment from the purchaser. Additionally, they hold a substantial guarantee from the construction company to ensure they can keep to their obligations and deliver the project on time.

Kensington Development has recently issued their latest newsletter, please contact admin@cyprus-invest.com if you have not received this.

New photos and an update on construction should be posted shortly.